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Study: Best Credit Cards for Balance Transfers 2015

Here are the top balance transfer credit cards from our partners

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Paying off your credit card balances is one of the best moves you can make to improve your financial situation. But if you can’t afford to wipe your debt clean, then transferring your balance to a low interest credit card is your next best option.

A balance transfer credit card can help consolidate and eliminate your debt by offering you a low interest rate. Unfortunately, most of those rates are available only for a certain amount of time. This time limit puts a ticking clock on your debt repayment plan, which, for Mission: Impossible fans, might make things more exciting.

CreditDonkey.com considered the issue of time plus a host of other factors to narrow down the field of balance transfer credit cards to only the best cards from our partners. Not all of these will be the right one for you, so be sure the one you choose is the one that best matches your needs.

Roundup Methodology

Here are the main factors we considered in comparing balance transfer credit cards:

Length of Intro Period

Regular APR

Balance Transfer Fee

Of all the main factors, the length of the introductory period is the most crucial. This should be the first thing you look for when you consider a balance transfer. During this period, most cards offer a 0% APR on balance transfers. Make sure you can pay off most, if not all, of your debt before that period runs out. After that, interest rates tend to jump to the regular APR, usually between 10% and 22%, and maybe even higher depending on your creditworthiness.

If you plan to carry a balance and the credit card balance transfer offer you are considering does not have a similar introductory APR (including promotional length) on purchases, you may want to avoid using that card for new purchases. Promotional interest rate offers may cause you to lose the grace period on purchases if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

You also need to watch out for additional costs, like a balance transfer fee. This is what it will cost you to move your balance from the old card to the new one.

We rated each factor on a 1-5 scale to come up with our best-of list.

Keep in mind you also have to consider which credit card company you currently use. Rarely will issuers let you transfer balances from one of their cards to another – they usually do it for new customers only.

Chase Slate is the best option on CreditDonkey for those looking to relocate their debt without paying a balance transfer fee. The card won’t charge you a balance transfer fee during the first 60 days as you consolidate balances and take advantage of the introductory 0% interest rate. That intro APR will last for 15 months.

Slate also comes with Chase’s Blueprint payment program, which gives cardholders more control over how they manage their balance. In our review, we liked that Blueprint “offers different payment plans that achieve different goals.”

Why We Like ItChase Slate is the best card on the market that offers 0% APR without a balance transfer fee. The Blueprint program will help you pay your balance faster to avoid future interest charges.

Its DownsidesThe 15-month introductory period is shorter than some competing cards. Also, to be approved for the Slate card, you will need excellent/good credit.

Who It Works Best ForPeople who can pay off their debt within the 15-month period.

Get rewarded through the new Giveback™ program, where Barclaycard Ring members get money back for good performance

Get exclusive access to our online community and vote on the card features you like and view the financials of the Barclaycard Ring MasterCard online

Learn more about personal finance from Barclaycard and other members

Complimentary FICO® Credit Scores as a benefit to active cardmembers. Opt-in to have instant and convenient access to FICO® Scores from your Barclaycard online account.

Intro APR for Purchases

Intro APR for Balance Transfer

Regular APR

Annual Fee

N/A

N/A

8% (Variable)

$0

Intro Period: N/A, 0/5

Regular APR: 8% variable APR, 5/5

Balance Transfer Fee: $0, 5/5

Rewards: Giveback rewards +1 bonus point

CreditDonkey Score: 3.7/5

Balance transfer cards work great if you can pay off the balance before the introductory period runs out. But, in the real world, even 18 months might be too short for people carrying significant debt. In this case, managing your debt is more important than paying it off and a card like the Barclaycard Ring can help.

Unlike other balance transfer cards, the Ring doesn’t offer an introductory period. Instead, the card offers a variable 8% interest rate. This low rate gives cardholders the option to reduce their debt load on their own schedule.

In the place of a traditional rewards program, the card offers Giveback, which lets cardholders share in some of the company’s profits. The Barclaycard website makes it clear that Giveback is not based on the actual profits of the program but rather a calculation made available on the card website. Even though this is fairly new, in our review we found that the Giveback could be “a great opportunity for early adopters.”

Why We Like ItThe Ring is a no-nonsense credit card that, with its low interest rate and reduced fees, can really help someone who needs time to get out of debt. Also, as a “crowd sourced” card, the Ring gives users a say in how the card works.

Its DownsidesNo 0% introductory period. The ongoing low interest rate might tempt people to just carry a balance instead of becoming debt-free.

Who It Works Best ForThe Ring is a great choice for people who need several years to pay off their existing debt.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Comments about Study: Best Credit Cards for Balance Transfers 2015

Irma I Cardenas from Texas

on September 19, 2014 9:10 PM said:

I 've used the balance transfer offers for the first two cards and strongly agree with your assessment. Helped me get two unexpected major purchases harnessed. I do watch the expiration date of each offerclosely.

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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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